Wynn Resorts Sells Boston Harbour for $1.7 Billion and Then Rents it Back

US Casino operator Wynn Resorts has sold its real estate assets and land of Encore Boston Harbour to Realty Income Corporation for a total consideration of $1.7 billion.

The company said the sale is to increase its global liquidity to $4.4 billion, what the amount is used for Wynn Resorts did not reveal.

Following the sale Wynn will now operate the resort under license of thirty years and pay Realty Income Corporation $100 million per year and increasing by 1.75% every 10 years. The license has a length of thirty years with an option to renew.

The resort has some 211,000 square-foot casino floor along with over 650 hotel rooms, a large ballroom and meeting and event space.